Moneywise Financial Advisors, who trading from the Aberdeen area and beyond, are no-longer operating.
While they used to give pension advice, that all stopped then the watchdogs at the FCA took away their authorisation to do so, in relation to SIPPs – Self-Invested Personal pensions.
The FCA was pretty clear, saying that Moneywise must not: “carry on any regulated activities in relation to pension switches and/or pension transfers to any self-invested personal pension scheme, including completing pipeline business (see note (A) below), except where the member’s funds are to be invested wholly in standard investments (see note (B) below)”
The watchdog was clearly worried about what Moneywise was telling people to invest their pensions into.
Now, the company isn’t there anymore, having been dissolved.
But did you take their advice?
Have you checked to see if you can make a claim?
Did you invest in Storage Pods, Overseas Property, or other high-risk alternatives?Get started now
Negligent financial advice given by Moneywise in the past is a matter of record. Since then, the FSCS has paid out thousands in compensation and if you took Moneywise’s pension advice, you may be able to make a claim.
Then you may have been mis-sold, and you could be able to make a claim for negligent SIPP advice.
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Moneywise is known to have mis-sold both Store Pod investments as well as overseas property through SIPP pensions.
Both of these types of schemes are HIGH RISK investments, not suitable for your average retail investor except in special circumstances.
As with many high-risk investments, some of the ones advised on by Moneywise are now in difficulty.
If you invested because of advice you received from Moneywise Financial Advisors, see if you can make a claim with the team at Spencer Churchill Claims Advice.
The FCA, apparently concerned about the advice Moneywise was giving, put restrictions on the firm so it couldn’t do any more damage.
By March 2016, Moneywise had entered into insolvency proceedings, and was barrel rolling towards a Creditor’s voluntary Liquidation.